Circular No. 3.265

CIRCULAR N. 003265 ------------------ Amends the operational limits for carrying out repurchase transactions. The Board of Directors of the Central Bank of Brazil, in a session held on 15 December 2004, based on art. 17, item V, of the Regulation annexed to Resolution 2.950, of 17 April 2002, D E C I D E D: Art. 1 Amend the operational limits for carrying out repurchase transactions, referred to in art. 7, item I, of the Regulation annexed to Resolution 2.950, of 17 April 2002, with said limits, without prejudice to compliance with the other conditions established in that article, becoming up to thirty times the calculation base for transactions, individually or cumulatively, with: I - securities issued by the National Treasury or the Central Bank of Brazil and credits securitized by the National Treasury; II - securities and marketable securities issued by the states, the Federal District or the municipalities, as well as by public sector bodies and entities, referred to in art. 1, § 1, item I, subitem "c", of Resolution 2.827, of 30 March 2001, observing the limits and conditions established in that regulation; III - private securities, limited to five times the calculation base. Art. 2 This circular enters into force on the date of its publication. Brasília, 15 December 2004. Sérgio Darcy da Silva Alves Rodrigo Telles da Rocha Azevedo Director Director